TDThe Central Bank of Nigeria (CBN) has announced the revocation of operating licenses for 46 microfinance banks across the country, effective July 1, 2026.
In a press statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the apex bank explained that the decision was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, following the failure of the affected banks to meet regulatory requirements.
Reasons for Revocation
The CBN listed several infractions that led to the action, including:
- Insufficient assets to meet liabilities.
- Closure of operations without CBN approval.
- Inactivity and cessation of financial intermediation.
- Failure to commence operations within 12 months of license approval.
- Failure to maintain minimum capital funds unimpaired by losses.
Statement from the Governor
CBN Governor Mr. Olayemi Cardoso approved the revocation order, stressing that the move was necessary to safeguard the stability of Nigeria’s financial sector, protect depositors, and ensure compliance with regulatory standards.
“The Central Bank of Nigeria remains committed to promoting a safe, sound, and resilient financial system and will continue to take appropriate supervisory and regulatory actions to maintain public confidence,” the statement read.
Affected Banks
The revoked institutions span multiple states, including Lagos, Kano, Rivers, Abia, Niger, Plateau, Kaduna, Kebbi, Ogun, Cross River, Delta, Ondo, Benue, and Abuja.
Names on the list include:
| S/NO | MFB | CATEGORY | STATE |
|---|---|---|---|
| 1 | Minji-Se Churchill MFB | Tier 1 | Rivers |
| 2 | Merchant MFB | Tier 2 | Abia |
| 3 | Janmaa MFB | Tier 1 | Kwara |
| 4 | Busu MFB | Tier 2 | Niger |
| 5 | Gold MFB | Tier 1 | Lagos |
| 6 | Zain MFB (formerly Dawakin Tofa MFB) | Tier 2 | Kano |
| 7 | Bompai MFB | Tier 1 | Kano |
| 8 | Ajwa MFB (Formerly Gezawa) | Tier 2 | Kano |
| 9 | NOW NOW DIGITAL MFB | Tier 2 | Kano |
| 10 | Crystabel Microfinance Bank | Tier 1 | Bayelsa |
| 11 | Chanelle MFB | State | Lagos |
| 12 | Abia SME MFB | Tier 1 | Abia |
| 13 | Kamba MFB | Tier 2 | Kebbi |
| 14 | Iwade MFB | Tier 2 | Ogun |
| 15 | Winview MFB | Tier 1 | Abuja |
| 16 | Zuru MFB | Tier 2 | Kebbi |
| 17 | Minjibir MFB | Tier 1 | Kano |
| 18 | Shanono MFB | Tier 2 | Kano |
| 19 | Sumaila MFB | Tier 2 | Kano |
| 20 | Rimin Gado MFB | Tier 2 | Kano |
| 21 | Mwaghavul MFB | State | Plateau |
| 22 | Sycamore MFB | Tier 2 | Kano |
| 23 | TOFA MFB | Tier 2 | Kano |
| 24 | Safegate MFB | Tier 1 | Lagos |
| 25 | Creekline MFB | Tier 2 | Delta |
| 26 | Bestar MFB | Tier 1 | Oyo |
| 27 | Livingspring MFB | Tier 1 | Cross River |
| 28 | Apple MFB | Tier 2 | Ogun |
| 29 | Stanford MFB | State | Uyo |
| 30 | Frontline MFB | Tier 2 | Anambra |
| 31 | Zafec MFB | Tier 2 | Kaduna |
| 32 | Supreme MFB | Tier 1 | Lagos |
| 33 | Bejin-Doko MFB | Tier 2 | Niger |
| 34 | Kanopoly MFB | Tier 1 | Kano |
| 35 | Bellbank MFB (formerly Tsanyawa) | Tier 2 | Kano |
| 36 | Yeneng MFB | Tier 2 | Plateau |
| 37 | Creditville MFB | Tier 1 | Lagos |
| 38 | MBAG MFB | Tier 1 | Lagos |
| 39 | STRAIGHT SAHARA MFB | Tier 1 | Benue |
| 40 | OURPASS MFB | Tier 2 | Ondo |
| 41 | VERDANT MFB | Tier 1 | Lagos |
| 42 | BASAWA MFB | Tier 2 | Kaduna |
| 43 | CASHA MFB | Tier 2 | Abuja |
| 44 | ESTEEM MFB | Tier 2 | Kano |
| 45 | ENTERPRENEUR MFB | Tier 1 | Lagos |
| 46 | AVANTUS MFB | Tier 2 | Osun |
The downloadable list of affected banks is available on the official CBN website: CBN Press Release.
Implications
Analysts say the revocation underscores the CBN’s determination to enforce discipline in the financial sector.
While the move is expected to strengthen confidence in Nigeria’s banking system, it may also disrupt small businesses and communities that rely heavily on microfinance institutions for credit and savings.
This development comes amid broader efforts by the CBN to stabilize Nigeria’s economy and ensure that financial institutions operate within the framework of the law.
